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Financial News: U.S. Manufacturing Index Indicates Slightly Faster Growth

U.S. Manufacturing Index Indicates Slightly Faster Growth In May

06/01/2017 - 10:22:00 (RTTNews)

(RTTNews) - A report released by the Institute for Supply Management on Thursday showed activity in the U.S. manufacturing sector unexpectedly grew at a slightly faster rate in the month of May.

The ISM said its purchasing managers index inched up to 54.9 in May from 54.8 in April, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 54.5.

"Comments from the panel generally reflect stable to growing business conditions, with new orders, employment and inventories of raw materials all growing in May compared to April," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

The report said the new orders index climbed to 59.5 in May from 57.5 in April, while the employment index rose to 53.5 from 52.0. The inventories index also crept up to 51.5 from 51.0.

On the other hand, the ISM said the production index dropped to 57.1 in May from 58.6 in the previous month.

The prices index also tumbled to 60.5 in May from 68.5 in April, indicating a notable slowdown in the pace of growth in raw materials prices.

"The slowing of pricing pressure, especially in basic commodities, should have a positive impact on margins and buying policies as this moderation moves up the value chain," said Fiore.

Next Monday, the ISM is scheduled to release a separate report on activity in the service sector in the month of May.

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